Indonesian Gold Mining Sector Maintains Optimism Amid Global Uncertainty

Strong Demand and Favorable Market Conditions

Indonesian gold mining companies are maintaining their optimistic outlook for 2025 and beyond, driven by robust global demand for gold and favorable market conditions. PT Hartadinata Abadi Tbk (HRTA) and PT J Resources Asia Pasifik Tbk (PSAB) are among the key players in this sector, leveraging the current trends to enhance their performance.

Hartadinata Abadi's Positive Outlook for 2026

Hartadinata Abadi's management believes that the prospects for the Indonesian gold industry are entering a new phase heading into 2026. This optimism is supported by a combination of global trends and domestic policies that increasingly emphasize the enhancement of added value within the country. The global gold price has remained at high levels through the end of 2025, bolstered by aggressive purchases by global central banks, expectations of monetary policy easing, and heightened economic and geopolitical uncertainties ¹

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The company's Director of Investor Relations, Thendra Crisnanda, views these conditions as reflecting a structural shift in the role of gold at both global and national levels. According to Crisnanda, gold is increasingly being positioned as a strategic long-term asset, rather than merely a crisis hedge instrument. He noted that the strong demand from central banks and global investors indicates a shift in perspective towards gold, particularly amid rising debt pressures and economic uncertainties.

J Resources' Confidence in Achieving 2025 Targets

J Resources Asia Pasifik, another significant player in the Indonesian gold mining sector, is confident in its ability to meet its sales and production targets for the year 2025. The company's Director, Sanjaya, reported that J Resources is on track to achieve its target of selling 86,000 ounces of gold in 2025, with an average selling price (ASP) of around US$ 3,300 per ounce ²

. This would translate to approximately US$ 286 million or about Rp 4.8 trillion (based on an exchange rate of US$ 1 = Rp 16,786).

Sanjaya expressed optimism that the momentum in gold prices, which are currently in an upward trend, will support the company's performance through the end of the year. The strong gold price environment is seen as a key factor that will enable J Resources to achieve its sales targets.

Market and Economic Context

The optimism displayed by these Indonesian gold mining companies is set against a backdrop of global economic uncertainty and shifting monetary policies. The continued demand for gold from central banks and investors worldwide has been a significant factor supporting gold prices. Additionally, expectations of further monetary easing by major central banks have contributed to the favorable conditions for gold, typically considered a safe-haven asset.

As the industry looks towards 2026, the consensus among companies like Hartadinata Abadi is that gold will continue to play a crucial role in investment portfolios and central bank reserves. This outlook is likely to drive continued investment and production activities in the Indonesian gold mining sector.